ALROSA Board Meeting

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On May 28, 2010, a meeting of the ALROSA Board took place in Mirny (Republic of Sakha (Yakutia)) chaired by the Company President Fedor Andreev.

The Board considered and basically accepted technical and economic solutions for construction of the Udachny underground mine. In particular, it is planned that the mine will reach its design capacity in 2016, and the first stage of the mine will be commissioned in 2014.

The progress of the construction project of the «Mir» underground mine was also considered.

Board members approved the revised development plan of the Severalmaz Public Joint-Stock Company for 2010.

The meeting listened to a report about the implementation progress of the Program of Activities for Improving the Company Construction Complex. It was commissioned to related services to develop proposals for optimal construction organization, with regard to the scope established by the financial development model of the Company for 2010–2012.

The meeting considered an issue of clarifying technical and economic parameters of the development project of the Nakyn ore field. When developing the forecast Company development plan, it was decided to take account of the diamond mining program submitted by the Nyurbinsky GOK with plans for commencing development of the Botuobinskaya deposit in 2013.

Board members discussed the condition of the mineral base of the diamond mining industry and a price forecast up to 2018.